- Report: #1437635
Complaint Review: SPROUT MORTGAGE -
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Author Confirmed
Why?
SPROUT MORTGAGE
United States
Web:
www.sproutmortgage.com
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SPROUT MORTGAGE RECOVCO MORTGAGE, RECOVCO WHOLESALE, RECOVCO LENDING STAY AWAY FROM Sprout Mortgage/Recovco Wholesale!
I’m going to explain my experience as a loan officer that was approached by Sprout Wholesale Lending/Recovco Mortgage from start to finish.
Everything that I was told sounded fantastic and something that would be great to add to my portfolio of programs to offer my clients. They say that they have these amazing programs like no-ratio and bank statement programs, non-warrantable condos, jumbo programs with lower FICO scores and down payment…etc.
After doing this I went to a few of my agents and let them know what they had to offer and one of my agents said that they have a couple deals for me! Awesome, fantastic let’s see how these guys work. About 2 weeks into the process I found out it wasn’t so awesome or fantastic, more that it was miserable. I’m still questioning to myself how these people are even in business.
Michael Goldman is the account executive that I personally was assigned to. I processed 5 loans with them, one of them the borrower was going through 2 different lenders for the same product and the other lender was able to get a loan done much faster than Sprout Mortgage or Recovco and that deal never went through.
The 2nd deal that I was in process with them, the original processor was fired in the middle of the process and then the underwriter was fired as well! Then of course a new underwriter gets assigned and conditions for all the same documents that were already provided. Ok, fine I provided the documents again. Week goes by, nothing…not until I reached out did the file even start the process in underwriting. It was like they completely forgot about me and my loan! This loan has actually still been in process and was started January 18th up to the date of this post 4/6/2018 the loan still has not cleared to close.
Then I thought to myself, why is it so difficult to work with them so I researched reviews and found out why. Here are a few links for you to do your own research which backs up what I’m mentioning above:
glassdoor.com/Reviews/Recovco-Mortgage-Management-Reviews-E749284.htm - 33 complaints from employees.
indeed.com/cmp/Recovco-Mortgage-Management/reviews - 17 reviews from employees
These employees are so pissed off working there and have exposed the problems that I’m experiencing right now. Shows that you should do more research before you put trust in a mortgage company.
If you are looking to become an account executive or wholesale lender to these guys, run away and quickly. You will ruin the relationships between your borrowers and agents just because of the way they perform.
This review is coming from an internal rep that has personally dealt with their process and seen how horrible they operate.
1 Updates & Rebuttals
Erik
San Diego,Sprout has redeemed themselves.
#2Author of original report
Mon, May 07, 2018
Since the time I had posted this original post, I have closed the loan in question. Due to it's complexity and pending documents from third providers the loan was delayed longer than usual. The dispute was resolved amicably and I am still doing business with Sprout/Recovco and have since seen other loans perform well.
